 "Adani group shares trade weak; Total Gas, Enterprises, Power tank up to 19%")
Shares of Adani group companies were under pressure, falling up to 19 per cent on the BSE in Tuesday’s intra-day trade on profit booking as investors tracked early trends of the 2024 Lok Sabha election results. On Monday, Adani group stocks had rallied up to 16 per cent.
Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, Adani Total Gas, Adani Wilmar, Adani Energy Solutions, Adani Green Energy, Ambuja Cements, ACC and New Delhi Television (NDTV) were down between 9 per cent and 19 per cent in intra-day trade today.
At 09:41 am; Adani group stocks recovered by up to 13 per cent from their respective intra-day lows, however, they were down in the range of 6 per cent to 10 per cent. In comparison, the BSE Sensex was down 2.6 per cent at 74,481.
Among individual stocks, Adani Total Gas tanked 19 per cent to Rs 912.05 on the BSE in intra-day trade. However, currently, the stock was down less than 10 per cent at Rs 1,011.90, recovered 11 per cent from intra-day low.
Adani Power dipped 14 per cent to Rs 756 in intra-day trade. In past three trading days, the stock had rallied 25 per cent till Monday.
Adani Green Energy was trading 8 per cent lower at Rs 1,874.30, after falling 18 per cent to Rs 912.05 in intra-day trade. Adani Enterprises, Ambuja Cements and Adani Energy were down 8 per cent.
Adani group, which is among India’s top business houses with an integrated energy and infrastructure platform in India and a long track record of successfully executing large-scale projects.
It is one of India’s largest listed business incubators in terms of market capitalisation and is driven by the philosophy of incubating businesses in four core industry sectors - energy and utility, transportation and logistics, consumer, and primary industry. It represents an effective complement of established and developing businesses which address the needs of India.